GameStop CEO Ryan Cohen is seeking to acquire eBay in a takeover bid valued between $55 billion [2] and $56 billion [1].
The move represents a significant attempt by GameStop to pivot its business model by absorbing one of the world's largest e-commerce platforms. If successful, the merger would consolidate major players in the online marketplace and collectibles sectors.
eBay's board of directors rejected the unsolicited proposal on May 12, 2026 [5]. The board said the offer was neither credible nor attractive [1]. The bid was originally announced the week prior to the board's formal rejection [1].
Cohen has already secured a 7.8% stake in eBay [3]. His offer includes a price of $125 per share [3]. Despite the pushback from the San Jose-based company, Cohen said he remains ready to discuss the deal and intends to let shareholders decide the outcome [1].
The bid comes as GameStop, headquartered in Grapevine, Texas, continues to evolve under Cohen's leadership [1]. While the board of eBay has dismissed the proposal, Cohen said he is bracing for a hostile fight to complete the acquisition [3].
Market analysts have noted the disparity in size between the two companies. The bid remains a point of contention, with some describing the proposal as absurd [2]. However, Cohen said the acquisition would create substantial value for shareholders [1].
“eBay’s board says the unsolicited offer is “neither credible nor attractive.””
This pursuit signals a high-risk strategy by GameStop to transition from a brick-and-mortar retailer to a dominant e-commerce power. By attempting a hostile takeover of eBay, Cohen is leveraging a significant minority stake to bypass board resistance and appeal directly to investors, a move that could trigger a volatile battle for corporate control.
